Metaverse marketing is the newest way for businesses to generate enormous profit, and this industry might reach $800 billion by 2024. According to a recent article by The Small Business Blog, Facebook spent $10 billion on metaverse technology. Sony also contributed $200 million.
What is the Metaverse exactly
While the word “metaverse” has become popular in recent years, it was coined by author Neal Stephenson in his 1992 science fiction novel Snow Crash. Stephenson described the metaverse in his novel as an all-encompassing digital universe that lives alongside the actual world. However, analysts are unsure if the metaverse IRL may grow into anything comparable in 2022.
“The word Metaverse refers to a mixture of virtual reality and mixed reality worlds accessible through a website or headset, allowing users to engage and enjoy real-time interactions and experiences beyond distance.”
“Right now, what will become the Metaverse is a collection of unconnected metaverses, similar to the early internet’s ‘walled gardens’ [darpa.net, bit.net, or aol.net] that ultimately came together to become the internet as we know it today.” Each of the existing metaverse worlds has its own access, avatars, interactions, and money. For example, Fortnite is distinct from Roblox, which is distinct from Decentraland and others.
Overall, the metaverse is teeming with commercial potential. Top companies have dabbled with it, and you should, too. These finest metaverse marketing tactics might provide you with some useful information.
Why should any one market in the metaverse?
The digital era has altered consumer behavior. Because of the coronavirus epidemic, more individuals are buying, working, playing, and learning online. The metaverse offers a “phygital” (physical and digital) solution. It aims to blur the gap between actual and virtual reality and alter how we see the environment.
This gives businesses a chance to reach new audiences, boost customer confidence, and investigate a possible income source. Roblox, for example, has 200 million active players who spent $319 million on in-game cash in only the second quarter of 2020. Surprisingly, 67% of the online gaming platform’s population is under the age of 16.
With Generation Zs controlling the metaverse, we can’t emphasize their importance as customers enough. In the United States they have $143 billion in spending power, which analysts anticipate will exceed that of millennials and boomers by 2030.
Metaverse marketing best practices
Create Your Own Branded NFT
Creating a branded NFT for metaverse marketing has the benefit of increasing brand recognition. According to Statista, there is a substantial interest in NFTs from companies such as Adidas, Nike, and Taco Bell among audiences of all demographics. So, if world-class brands recognize the value of NFTs, it speaks volumes.
You don’t have to be a tech whiz to create NFTs. Many internet sites may provide you with information on how to create an NFT. Investing in this strategy will enable your users to take something memorable from your metaverse and brand. It’s also a fantastic idea to create unique NFTs and connect them with product launches, like Nike did with its “CryptoKicks.”
Determine what your target audience would find beneficial before producing an NFT.
Claim virtual real estate ownership for Metaverse marketing
Because it is 2022 and the digital world is thriving, virtual real estate is the same as actual real estate. Your company may host events or lease out real estate to other companies. You may also begin selling this real estate to your customers if it coincides with your products and their wants.
Axie Infinity, a virtual game realm, demonstrates the value of digital real estate in 2022. The team at Axie Infinity sold nine plots of property for a whopping $2.3 million! Yes, you read it correctly.
Collaboration with in-platform creators
Collaboration with online game worlds such as Fortnite or League of Legends can assist you in creating virtual possessions that fit seamlessly within the gameplay experience. Otherwise, you may design wearable and tradeable digital clothing using 3D and AR platforms with open markets. If you have no previous experience with 3D software, the Fabricant Studio is a suitable option.
Transform your virtual item into a non-fungible token.
Non-fungible tokens, also known as NFTs, make it possible to track the manufacturing and distribution of your virtual clothing. This may be used as evidence of authenticity, which is important for fostering customer trust. An NFT art marketplace like Rarible may assist you in converting your virtual items into an NFT, listing it for sale, and even transferring royalties to your digital wallet once it has been sold.
Retail virtual items to digital avatars
In the metaverse, where humans are represented by avatars, having a strong online identity is essential. According to research, 92 percent of respondents place a high importance on being able to customize their virtual avatars. People in the 3D environment spend a significant amount of money on self-expression, just as they do in the real world.
The direct-to-avatar, or D2A, economy is starting to take shape as a result of this. It gives businesses the ability to sell and retail their virtual items directly to avatars, bypassing the traditional middleman. It should come as no surprise that fashion firms are capitalizing on this opportunity. Fortnite has formed a partnership with the fashion house Balenciaga to collaborate on the creation of virtual clothing, accessories, and weaponry that players can buy for their in-game avatars. In the meanwhile, Gucci has made a $4,000 sale of a digital bag using Roblox.
Create your own virtual location
Launching your business online should not prevent you from opening a physical location.. A virtual 3D shop, museum, or island may help you establish your presence in the metaverse and form deep emotional bonds with your consumers. Tours, virtual try-ons or try-outs, and interactive 3D product exhibitions are also options.
Sentosa Development Corporation added Singapore’s State of Fun to Animal Crossing, while Fila created their own store inside the game. In the meanwhile, General Mills’ web-based tailgate experience received over 500,000 impressions across conventional and social media platforms.
4 examples of the Metaverse
Meta Horizons (Facebook)
When Facebook creator Mark Zuckerberg renamed his firm Meta, he demonstrated his belief in the metaverse concept’s importance to the future of digital communications, networking, and living. As a consequence, numerous projects have been developed, including Horizon Worlds (a virtual worlds platform), Horizon Venues (an events platform), and Horizon Workrooms (virtual office). All of these platforms are linked, and users may create avatars to represent themselves as they explore and communicate with other users. One intriguing element of Horizon’s existence is that it pushes us to consider whether we want a metaverse with centralized ownership under a corporate owner or a more dispersed, decentralized style of ownership and governance.
Fortnite
Of course, Fortnite is best known as one of the most popular online games ever developed. However, Epic Games rapidly realized that once they had gathered millions of tech-savvy players on its platform, it had the potential to become something more game-changing. Live music performances by worldwide superstars such as Travis Scott, Ariana Grande, and Billie Eilish are two major threads that are being pursued in order to develop the world of Fortnite into a real metaverse. Telco 02, broadcaster ITV, and grocer Carrefour have all embraced the creative mode to make their first forays into the metaverse.
Decentraland
Decentraland is a genuine web3 platform that is a cross between a game, a marketing channel, and an attempt in constructing a digital, decentralized democracy. It is run by a Decentralized Autonomous Organization (DAO) and is home to some of the world’s most famous people and businesses, including Morgan Stanley, Coca-Cola, Adidas, Samsung, and Snoop Dogg. It has its cryptocurrency, MANA, and anybody interested in purchasing a parcel of property must now put down at least $10,000, with the most costly costing far over $1 million.
Roblox
Roblox is a gaming platform with over 50 million daily players. It enables anybody to develop and sell their gaming worlds, which all reside in a linked metaverse and share features like avatars and currencies. Nike, Forever 21, Gucci, Nascar, Ralph Lauren, and Vans have all utilized the platform to create virtual worlds where users can engage with their brands, skewing towards a younger demographic than some of the other platforms listed above. While anybody may develop their own game on Roblox, they are all meant to have a similar appearance and feel so that once a player has logged in and played one of them, they will feel at ease in any of them.